Under APES1 entities that will always be reporting entities and are required to prepare general purpose financial reports include:
A) family trusts
B) local government
C) stock exchange listed companies
D) both B and C

Question

Quizplus · Accepted Answer

Local government entities and stock exchange listed companies will always be reporting entities and are required to prepare general purpose financial reports. Family trusts may or may not be reporting entities depending on their size and nature of activities.

Under APES1 Entities That Will Always Be Reporting Entities and Are